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Ethereum has blobs. Where do we go from here?

vitalik.eth.limo

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Re: Ethereum has blobs. Where do we go from here?

#321

Post by PKop »

rglullis wrote: post #314
PKop wrote: post #294

Earlier quoted context omitted.

You gave 2 examples supporting exactly what I just said. And there are 1000s of other ones that encompass "crypto".

I'm really failing to understand you here. The "beginning of crypto" was with Bitcoin, can we agree to that? Can we agree that Bitcoin was not claiming to "be a general platform to power distributed applications"? If you disagree, refer to the whitepaper that says "A Peer-to-Peer Electronic Cash System". Can we agree that before Ethereum each chain was just a fork of Bitcoin, and that the token (aka "the currency") w…

Every coin at one point said it wasn't just for hodling, including as you pointed out BTC and ETH.

Saying you have some other use case besides asset appreciation is not a unique proposition.

Re: Ethereum has blobs. Where do we go from here?

#322

Post by prussia »

abnercoimbre wrote: post #281
maxcoder4 wrote: post #273

Earlier quoted context omitted.

I can't walk into a store and pay with USD either. It doesn't mean USD is not a currency, it's just not usually accepted by stores in my country. I use Monero semi-regularly to pay for things online (usually privacy products, because sadly nobody is interested in selling me groceries in exchange for xmr). You can absolutely buy things with it.

> usually privacy products Could you offer examples? Straight-up curious.

Njalla (domain names, VPSes, VPN), and Mullvad (VPN) both accept Monero.

Re: Ethereum has blobs. Where do we go from here?

#323

Post by microtherion »

EMM_386 wrote: post #82

Hmm ... "proto-danksharding" which activated the "blobscriptions protocol" so that blobs are "much cheaper than calldata", all of this helping it to become an "L2-centric ecosystem". In the end, this leaves them "not confident enough in the complex code of an optimistic or SNARK-based EVM verifier". I'm sold ... just tell me where to transfer the money.

Yes, reading TFA left me quite unclear as to how many slurp juices per ape all this new technology translates into.

Re: Ethereum has blobs. Where do we go from here?

#324

Post by DennisP »

defiamazing wrote: post #317
DennisP wrote: post #299

Earlier quoted context omitted.

ETH is not a memecoin and it has a real economic model. It's used to pay transaction fees, which are mostly burned. There's a small amount of issuance but most of the time that's less than the burn, so the supply shrinks. You can model it as a company, where fee burn is revenue, issuance is cost, the net is earnings, and earnings are distributed to ETH holders like a company doing stock buybacks. You can calculate a…

Having an economic model doesn't make it not a memecoin. LINK has an economic model and most would agree that there's no reason for it to exist other than to dump on retail. The burn is there in large part to enshrine ETH so that investors can dump on retail, otherwise fees could be paid in other ways. It provides no liquidation or dividend rights. The closest thing to that is rights to MEV, which the base fee contro…

You need ETH to pay transaction fees. As long as there's more demand for blockspace than the space available, ETH will have a non-speculative value.

The reason for the burn was the 1559 upgrade, which fixed the horrible user experience of guessing what minimum fee level would get your transaction through in a timely manner, and often either overpaying, or underpaying and suffering long delays. If not for the fee burn, the 1559 protocol would be trivial for validators to exploit.

Re: Ethereum has blobs. Where do we go from here?

#325

Post by lesuorac »

shuntress wrote: post #173
Version467 wrote: post #127

As far as I can tell, the only cryptocurrency that actually delivers on its name (i.e. being used as a currency) is Monero. Sure, it's all drugs and stolen credit cards, but it does undeniably solve a real world problem for its users instead of just being used as a vehicle for speculative investment. With that said, I think if anyone comes up with a "killer-app" for crypto, then it'll be on the Ethereum chain. They s…

The "Killer App" for a cryptocurrency would be the ability to use it as a currency.

I'm really surprised sellers aren't trying to use it at all. There was a small push awhile ago ~2015/16 where a bunch of online stores started accepting bitcoin but IIRC they all stopped once the BTC/USD started to decrease.

I guess credit card fees are <4% so there might not be a big enough discount to offer consumers to make them figure out how to get crypto (without paying more than 4% fees somewhere). Perhaps a chargeback heavy industry such as porn or political groups could benefit from non-chargebackable transactions.

Re: Ethereum has blobs. Where do we go from here?

#326

Post by rglullis »

wslh wrote: post #318
skybrian wrote: post #307

Earlier quoted context omitted.

It does seem slow, but they did manage the proof-of-stake transition pretty smoothly despite delays and widespread skepticism, so I give them some credit for that. I have no idea what Vitalik is funding. Do you?

He was talking about proof-of-stake since the beginning and every year was talking about the next year. Not blaming Vitalik himself but the whole thing, it is bad to give false expectations. Another thing, no pun intended, is that the proof-of-stake upgrade maintains prohibitive the network fees for transactions while other technologies have low fees. > I have no idea what Vitalik is funding. Do you? The funding of p…

> proof-of-stake upgrade maintains prohibitive

Consensus algorithms have nothing to do with transaction fees.

> while other technologies have low fees.

Any "Ethereum killer" that showed up turned out to have the same if not worse problems as Ethereum in the moment they started dealing with minimal real-world traction.

> contributors received the ~50% of the total ethers until now.

First: source?

Second: "50% of total ETH until now" is doing a lot of work here. How much was during the pre-mine and how much was due to the sale? The pre-mine sale raised < 20 million USD. Are you counting the people who bought ETH in the pre-mine as "original contributors"?

Re: Ethereum has blobs. Where do we go from here?

#328

Post by rglullis »

PKop wrote: post #321
rglullis wrote: post #314

Earlier quoted context omitted.

I'm really failing to understand you here. The "beginning of crypto" was with Bitcoin, can we agree to that? Can we agree that Bitcoin was not claiming to "be a general platform to power distributed applications"? If you disagree, refer to the whitepaper that says "A Peer-to-Peer Electronic Cash System". Can we agree that before Ethereum each chain was just a fork of Bitcoin, and that the token (aka "the currency") w…

Every coin at one point said it wasn't just for hodling, including as you pointed out BTC and ETH. Saying you have some other use case besides asset appreciation is not a unique proposition.

BTC (and derivatives) were very much "just for holding". The fact that they hoped it could be used for day-to-day value transfers does not negate the fact that the system can only work with a continuous influx of capital. "You should pay something with BTC, but if possible buy back the USD-equivalent amount" was standard advice already in 2011.

> Saying you have some other use case besides asset appreciation is not a unique proposition.

Now, it isn't. In 2015, it pretty much was.

Re: Ethereum has blobs. Where do we go from here?

#329

Post by mand1575 »

troupo wrote: post #237
mand1575 wrote: post #206

Earlier quoted context omitted.

Given that we are now entering another crypto hype cycle and blockchain technology, discussions often veer towards crypto and the allure of embedded tokens. I’m going to stick to the realty and opportunity: utilizing blockchain in fixed income finance. Having spent two decades navigating the complexities of Wall Street, I know the critical problem plaguing the fixed income market: the overwhelming amount of data gene…

> the root cause of friction in fixed income trading: the lack of direct origination and data quality across market participants. By leveraging a permissioned network, Blockchain has nothing to do with "data quality across market participants". Bad data entered into blockchain remains bad data.

hence origination - bad data can be fixed. try calling 30 different vendors and rely on downloading the file to run the M2M night-cycle

Re: Ethereum has blobs. Where do we go from here?

#330

Post by bawolff »

everfree wrote: post #270
danpalmer wrote: post #160

Earlier quoted context omitted.

It's not just sign up though, it's posting comments, upvoting, etc. Every "write" becomes a transaction, many with their own tokens. > the friction of money actually being involved ... makes it not worth it This is it. There are very few people who live for this level of financialisation.

I think it's helpful to realize that most everything on the internet is already financialized by default. Whenever you post a comment, upvote, or "write", it costs some company somewhere an amount of money to maintain the marginal amount of server capacity required to process your request. And if you aren't paying for the product, then you are the product of course (ads). So blockchains don't necessarily financialize…

> they just tend to make money flow in a more direct way from a group of people using a service to a group of people hosting/providing

I suppose there is a certain sense that transaction fees go to people providing services to the blockchain... but i would mostly describe it as paying rent and not actually paying the person responsible for the service.

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